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7/31/2012 11:14AM

What Do Markets Want From the Fed?

The Dow industrials traded lower, as investors digested data from the housing market and personal-spending figures, while waiting for the start of a closely watched meeting of U.S. central bankers. Steven Russolillo reports on Markets Hub. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... I ... oh well ... MarketWatch in July ... the Dow Jones ... and can still arate Steve Russolillo might compete read ... MarketBeat lived ... was so why the death in July ... especially how we ended the Labour aisle yet we know our is fine but I've that big rally last week remained wrote things and smoke it like it's going to another positive mom ... it's like nine of the last ten months of deposit that down to the remarkable streak but I ... would get so they you know things are kind of flat the Dow's down just a little bit ... of but all eyes are focused on the Fed meeting entities ECB meetings of the Fed is starting to hate on import and jobs for its amazing next three days you ... read right I mean the main event a thing right yet and so the Fed is almost being overshadowed at this point if any such today that is going to end tomorrow and again a policy statement tomorrow ... some people think QE three baby coming maybe not ... so big question mark at this point but what the ECB does in that meeting on Thursday may be more important right now the markets especially with what the ITC present Marriott right he said last week ... his comments are in or is he will do whatever it takes to preserve the euro ... it seems like you know that is really set the people are pretty high for what the ... Fed me right ... now you look at the stock market value of the SNP Nasdaq to ... their back where they were in the spring of two thousand and eight before the planet ... before Lehman craft well they are back to those levels ... but the economy's outgrown corporate profits of wearable jobs are ... up is what's the disconnect it so we are disconnected absolutely because if the court has the right that the market have the right readily contact or where the market for orders while another idea where did the ten years below one point for the yield on the ten year below one point five began ... we got right stocks or bonds that are right I think that that the key is that we should talk about this that this morning is that ... you know it did there was a whiff of Optimism from Europe last week right you got some small little statement from Draghi as Veolia design yelling and so with that in itself Howard huge rally in so if you're if you're bearish if you think that the market hasn't had the wrong ... you don't miss out on some of these big moves that come from whatever the central bankers that they have to say and so ... that's Cunnane the bullish point of view here is that new year can expect the Fed and ECB any wanted to do something ... what that something is honestly the big question mark and whether the economy was a lot of top Leslie while now ... but all that it was a forerunner playground last week so the numbers kept ... I don't know ... Jinxing Adha again today in a statement of income from oil on the preference for Milan ... and on Monday ... Candace are reiterating we will do whatever we need to do is a lot of that ... the last foreign IRAs right we will do ... the site of the stuff of a one sentence but it's also tap into the vacation ... as it seems like they are really just trying to set the tone for their paid August the kitchen and the aircraft and to ... the sudden you're getting a lot of top but no real action in ... the market doesn't kill you to those pleading tea milk along with it right ... I try to get spring stocks or bonds has got right you know what I'm ... up in just five hundred dollars last year ... the ... it added that high on the dough lot economic data today though I mean yes the Tiana is a time I think it's interesting that consumer spending came in relatively flat ... aam but the statement that income was up about going back for some that's a good sign more money in people's pockets and people are not necessarily spending that money ... the savings rate was up an unsettled one NIV and so are you know ... two point four five so the real and not solely for the story when it's smart it's Marc its members on and so I honestly could for the economy but in our idea was to be you ... that I think it's the whistle a guy like Steve and so I will leave it there ... de think Euro English ...